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• RESOLUTION <br />ENDORSING LEGISLATION TO GRANT <br />A TAX EXEMPTION FOR THE <br />PARAMOUNT THEATER AND CULTURAL CENTER, INC. <br />WHEREAS, the Paramount Theater and Cultural Center, Inc. <br />("Paramount Theater") has asked this Council to endorse an <br />amendment to Title 58.1 of the Code of Virginia granting exemption <br />from certain state and local taxes on property owned by Paramount <br />Theater located in the 200 block of East Main Street on the <br />downtown mall; and <br />WHEREAS, Paramount Theater is a nonprofit organization <br />dedicated to the restoration and renovation of the Paramount <br />Theater as a multi -cultural facility for the presentation of live <br />music, film features, and for various community purposes; and <br />WHEREAS, this Council has considered whether property of <br />Paramount Theater should be exempt from taxation, at a public <br />hearing, duly advertised as required by §30-19.04 of the Virginia <br />Code, held on November 16, 1992; and <br />WHEREAS, this Council has examined and considered the <br />provisions of §30-19.04(B) of the Virginia Code and finds that <br />• Paramount Theater: <br />1) Is exempt from taxation pursuant to Section 501(c) of the <br />Internal Revenue Code of 1954; <br />2) Holds no current license from the Alcoholic Beverage <br />Control Board; <br />3) Pays no compensation to any officer or director in excess <br />of reasonable allowance for services rendered; <br />4) Does not distribute any part of its net earnings to any <br />individual. All funds come from contributions, local, <br />state and federal grants; <br />5) Provides services for the common good of the public; <br />6) Does not carry on any political activity; <br />7) Has no rule, regulation, policy or practice <br />discriminating on the basis of religious conviction, <br />race, color, sex, or national origin; <br />8) Is a major renovation effort with funding from the <br />private sector to improve the interior and exterior of an <br />historical building in the Downtown Histoic District; and <br />• <br />